Honda Motorcycle and Scooter India tie-up with Punjab State Co-operative Bank for two wheeler retail finance

Honda Motorcycle & Scooter India Pvt. Ltd. (HMSI), the 2 Wheeler Company of Honda in India, recently announced first of its kind partnership with Punjab State Co-operative Bank to provide retail finance to the two wheeler customers in the state. Punjab State Co-operative Bank gives loans on auto product like Tractors, Two Wheelers and Combine Harvester etc.

This partnership is expected to benefit and support customers across all towns of the state by making retail finance easily accessible with attractive benefits. The benefits includes attractive features like low down payment, monthly/half yearly installment options, highest ever repayment tenure of 5 years and easy documentation. The retail finance scheme can be availed by people of 21-60 years of age. Through this partnership, buyers can avail loan amount of upto Rs 50,000/- or 85% of the value of Honda two wheeler, whichever is less.

On the occasion, Mr A.S Miglani, IAS, RCS, Punjab State Co-operative Bank said “With this strategic tie-up with world’s no.1 2 wheeler brand Honda, we feel that the potential of owning a two wheeler by people in Punjab will really get a boost. It is our continuous effort to make convenient, the availability of finance to the people of Punjab and with Honda’s partnership we believe we would be able to help people in buying their choice of two-wheeler.”

Talking on the partnership, Mr. Y S. Guleria, Vice President, Sales & Marketing, said, “Punjab is overall no. 2 market in North India and is also an important market for HMSI. To the People of Punjab who have entrusted their faith and confidence in Honda, We are sure that with PSCB’s wide network and easy finance solutions, we would be able to reach out to more and more customers in Punjab state and provide them an opportunity to experience high quality Honda products.”

The 2Wheeler industry in Punjab is rapidly growing and today contributes 29% to total 2Wheeler sales in North India. As the ‘Fastest Growing 2Wheeler Company not only in India but also in the state of Punjab’ – Honda grew an overwhelming 23% compared to average 2Wheeler industry growth of 1% in FY12-13 (YoY basis). Honda has 143 sales outlets across the state.